Ekonomika
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MONETARY POLICY IN ADVANCED ECONOMIES DURING THE GLOBAL FINANCIAL CRISIS: LESSONS FOR LITHUANIA
Get PDFAbstract. The main goal of the research is to develop monetary policy tools and measures enabling to achieve macroeconomic goals of integration into the euro area in the immediate future. It is noted that until the introduction of the euro Lithuania does not have a monetary policy and applies the currency board regime pegging the litas invariably to the euro (hard peg regime). Therefore, it is not only difficult but also risky to try to achieve financial and economic stability in accordance with the relevant Maastricht criteria through fiscal policy measures alone. Monetary policy instruments are necessary to achieve price stability and the overall financial stability. Currently, Lithuania should address the problem of balancing the currency board regime and the Maastricht criteria as a macroeconomic objective through monetary policy tools and measures.The analysis of monetary policies of advanced economies and, first of all, of the euro area reveals the main features of transmission of the monetary policy to a real economy, which can contribute to the successful integration into the euro area. A systemic analysis of the monetary policy is based on monetary and economic theories, laws and patterns, scientific literature and empirical studies. The method used is the logical analysis and systemising of academic literature and modelling of the monetary policy. Such a methodological position enables the justification of the influence of the euro and monetary policy on the future development of the national economy.Key words: monetary policy, euro, exchange rate, inflation, indicator
MACROECONOMIC FACTORS OF NON-PERFORMING LOANS IN COMMERCIAL BANKS
Get PDFAbstract. This article presents an analysis of macroeconomic factors and their impact on the percentage of non-performing loans (NPLs) in commercial banks of the EU countries. This problem is relevant because in recent years many EU countries had the economic downturns that can be visible in the main macroeconomic indicators. Also, banks have met the growth of non-performing loans when the debtors were not able to meet their financial obligations. The Basel III Agreement notes the necessity to consider the economic conditions of a country when assessing the credit risk of loan applicants. The results of this research can be useful for banks, because the main relations between macroeconomics and non-performing loans have been revealed. Since 2009, Lithuania has one of the highest NPL percentage in the EU, and the meaningful impact of economic deterioration on the debtors‘ ability to repay debts to banks has been proven. The same situation was ascertained in other EU countries with imperfect economic conditions. Conversely, it has been estimated that banking systems in the EU countries with developed economies are not very sensitive to the business cycle fluctuations. So, in Lithuanian banks, when managing credit risk, the consideration of economic conditions is very important.Key words: banks, credit risk, macroeconomics, non-performing loan
CAPITAL ADEQUACY (SOLVENCY) AND LIQUIDITY RISK MANAGEMENT: ANALYSIS, EVALUATION, AND POSSIBILITIES FOR IMPROVEMENT
Get PDFAbstract. The main purpose of the present research is to analyse the supervision, capital adequacy (solvency) and liquidity prudential norms, limits and requirements of commercial banks operating in Lithuania, as well as to assess the quality of capital adequacy and liquidity risk management impact on the banking industry.The paper consists of two main parts: the analysis of literature and legislation, and the research, its results, recommendations, and conclusions. The first part reviews the theoretical analysis of the level of banking supervision and capital adequacy, liquidity prudential standards value. The authors have examined the banks’ supervising authorities and the regulation of their activities. There were are presented prudential standards of capital adequacy and liquidity for banks operating in Lithuania, their values’change after the Basel III reforms, and the scientific opinion about their development and tightening standards.The authors have carried out a study of the analysis of capital adequacy and liquidity prudential requirements, their evaluation and possibilities for improvement in banks operating in Lithuania. The analysis consists of the assessment of assets and liabilities of banks ensuring the prudential standards depending on the type of risk. The research revealed that the most important in banks’ capital adequacy and liquidity risk management is quality control and the harmonization of bank assets and liabilities. Besides, it is offered to review the calculation of requirements and procedures, to impose additional limits to ensure the basic standards and an efficient banking security.Key words: commercial banks, supervision, liquidity and capital adequacy (solvency) rates, qualitative and quantitative analysis, evaluatio
EVALUATION OF THE PERSONAL INCOME PROGRESSIVE TAXATION AND THE SIZE OF TAX-EXEMPT AMOUNT IN LITHUANIA
Get PDFThe tax systems of the European Union countries differ in many features. However, for taxing personal income, many EU countries use the method of progressive taxation. Progressive taxation is aimed to shift the tax burden from those with a relatively low income to those whose income is sufficiently high. Such personal income taxation system creates the prerequisites for social justice. In addition to different income tax rates, in a progressive tax system, a crucial role is played by the size of tax-exempt amount. In this article, personal income progressive taxation and the tax-exempt amount are analyzed as one of the progressive taxation tools. The study was conducted using the method of descriptive analysis as well as forecasting and modeling techniques.
THE COMPETITIVE SOCIAL ADVANTAGES OF A COUNTRY AND ITS COMPETITIVE POSITION: A COMPARATIVE ANALYSIS
Get PDFAbstract. In the article, the concept of competitive social advantages is considered. Social competitiveness, the potential of social competitiveness, and the social competitive status are characterized. Competitive advantages are shown to have various forms of expression due to certain determinants. A classification of competitive advantages is carried out. The framework of competitive advantages is described. The determinants of competitive social advantages of a country, among which the components of the level and quality of life, the maturity of the human, intellectual and social capital, the quality of public institutions, conditions of business development and innovations are suggested. The trends and means of achieving social competitive advantages are considered. The assessment of Ukraine’s position according to freedom indicators, the indicator of network readiness, Ukraine’s competitiveness index and index of travel and the tourism competitiveness is conducted.Key words: social competitiveness, social advantages, competitive social advantages, social potential, social capita
POST-COMMUNIST EUROPEAN COUNTRIES IN GLOBAL VALUE CHAINS
Get PDFTransformations and integration processes of post-communist European states have resulted in changes in the production process across borders. The main objective of this article is to present the positions of post-communist states in terms of cross-border input–output linkages. The analysis takes advantage of both the conventional methods of comprehensive study of global value chains and the advanced methods and measures examining the role of Central and Eastern Europe in global value chains in general and in sectoral terms. Findings of the study suggest that more integrated are countries with grater connections to Western European countries, especially Germany; a large share of exported goods from the post-communist states passes through GVCs in Western Europe, and exporters from post-communist states are usually located more in downstream segments of production than in upstream markets
ATTITUDES OF LITHUANIAN CONSUMERS TOWARDS THE COUNTRY OF ORIGIN OF WINE
Get PDFAbstract. The purpose of the study was to evaluate the attitudes of Lithuanian consumers towards the country of origin (COO) of wine. The main factors that influence the effect of COO and the mechanism of its formation were identified. The effects of social stereotypes, described by a Stereotype Content Model, on consumers’ attitudes are also analyzed, identifying the competence and warmth of the COO as important antecedents of consumers’ attitudes. The region of the origin of wine (appellation, protected designation of origin – PDO) have been identified as another important place-of-origin cue determining the consumer’s choice. A quantitative empirical research method – online survey – was used for the purpose of the study. The results have revealed that there are three types of wine consumers’ involvement: cognitive involvement, emotional product involvement, and emotional situational involvement, and that the importance of wine’s COO and region of origin (appellation, PDO) for consumers differs depending on the type and level of a consumer’s involvement. The existence of a statistically significant correlation among consumers’ attitude towards the COO of wine and the country’s competence and warmth has been proven, together with a possible relation between the type of a consumer’s involvement (cognitive, emotional situational or emotional product involvement) and the influence of COO competence and warmth on consumers’ attitude towards a wine. The research has also revealed an important positive relationship among consumer identification with the COO of wine, evaluation of COO competence, and the warmth and consumer attitude towards the COO of wine.Key words: country of origin of wine, consumers’ attitude, consumers’ involvement, stereotype content modelstify;"> 
INTEGRATED SCHEME OF REGIONAL SUSTAINABLE DEVELOPMENT DRIVERS
Get PDFAbstract. The complexity of sustainable development and the diversity of regions generate lots of challenges for the implementation of sustainable development at the regional level. In the process of implementation of the global sustainable development objectives, regions are taking different development paths because they are impacted by a unique internal interaction of the drivers. The problem is how the initial conditions of a region define the drivers and their interactions in the process of sustainable development policy implementation.The purpose of the study was to define a tool for the analysis of the interaction of drivers in the process of regional development moving towards sustainable development.The study methods were scientific literature analysis, conceptual, methodological, and visual modeling, and synthesis of the ideas.The paper concludes that an integrated scheme of drivers was used as an analytical method to explain how the difference in a region’s development level defines the path towards sustainable development. Synergy between the dimensions of a well-developed eco-centered region would be achieved by reforms in the economic and institutional dimensions. The scheme of a well-developed techno-centered region reveals a productive amalgamation among the institutional power, welfare level, and market mechanism. The scheme of a less-developedtechno-centered region reveals that reform actions are needed in all dimensions of sustainable development synchronically. Also, some extraordinary events or shocks have to happen to spur the reforms. The holistic view of the drivers suggests that a less-developed eco-centered region has to go the evolution path of social and environmental development, but with rapid reforms in both the institutional system and market relations.Key words: sustainable development, region, institutions, development dynamic
MULTILATERALISM OR BILATERALISM: THE EU TRADE POLICY IN AN AGE OF THE WTO CRISIS
Get PDFAbstract. The aim of the study is to analyze the EU trade policy in the age of the World Trade Organization (WTO) crisis. In addition to the WTO membership and a number of international agreements within this organisation, the EU is a party to many bilateral trade agreements and negotiating further. It is the side effect of the protracted negotiations in the WTO under the Doha Development Round. The paper discusses the process of proliferation of bilateral trade agreements in the world economy and its importance for the EU. The article is divided into three parts. Part One identifies the determinants of the WTO crisis. Part Two discusses the process of proliferation of bilateral trade agreements in the world economy. Part Three analyzes the EU trade policy and the system of the EU preferential trade agreements. It also examines trade relations of the EU with the Republic of Korea, India, and the United States of America as an illustration of the new EU trade strategy.Key words: bilateralism, European Union, common commercial policy, World Trade Organisatio
ASSESSING THE IMPACT OF SECOND PILLAR COMPONENT ON OLD AGE PENSION IN LITHUANIA
Get PDFAbstract. The aim of the study was is to evaluate the impact of a privately accumulated second pillar component on old-age pension. This evaluation is based on quantitative, statistical data and qualitative analysis of pension accumulation results in second pillar during the years 2004–2012. Three groups of different monthly wage size (low, medium, and high) earners are analyzed by calculating the accumulated amounts and old-age pension values of persons who joined and who did not join the second pillar pension funds in 2004 and who retired in the beginning of 2013. The pension reform success (or failure) is evaluated from the point of view of old age pension beneficiaries by comparison of gain or loss of all three groups of participants due to participation in second pillar pension funds. The results show that due to the longer life expectancy the capital accumulated by women in the second pillar does not exceed the present value of loss in the pay-as-you-go system. The comparisonof “official” annuities exposes a more optimistic result for both genders of participants of fully funded private second pillar pension funds, but is not confirmed by commercial annuities.Key words: old-age pension, private second pillar pension funds, pension refor